• Channel partners are asking for rich, accurate and up-to-date product information that is in a massageable digital form.
• It takes a long time to update different catalogs (e.g. Web and print) with a simple product specification change.
• Customers cannot find the products they are looking for.
• Internal stakeholders spend a long time dealing with customer product inquiries. In some cases, customers are not dealt with efficiently at all due to inaccurate or outdated product information.
• There is an increasing number of product returns due to inaccurate or inconcise product information.

But, organizations are still struggling to efficiently manage their product information. Every year billions of Dollars are wasted due to inefficient product management processes and the consequences of inaccurate product information (e.g. product returns).

• It has multiple attributes and parametrics like SKU number, description.
• It has its own unique specifications - e.g. a Desktop Computer may have CPU speed, monitor size and RAM specifications.
• It has multiple asset references like image views
• It may be associated to multiple documents like specification sheets or MSDS.
• It is managed by different departments - in the case of a manufacturer, Engineering manage product specifications, marketing create copy and product images are handled by an external company. In the absence of a system, each department stores its own copy of the same product information resulting in data inefficiencies and inaccuracies.
• Components of the product are stored in multiple disparate systems - ERP stores transactive information like pricing and availability, whereas marketing copy may exist in a desktop publishing tool like Quark Xpress
• The product information originates from multiple sources - in the case of a distributor, specifications come from the supplier, copy is added by marketing and pricing is generated by the financial department.
  

This intricacy causes tremendous process inefficiencies and data inaccuracies, and erodes the company's bottom-line margins.

However, organizations can overcome this by utilizing a world-class catalog management system.

See how Apsiva resolves these issues